Buying a Home is a HUGE INVESTMENT and so its important to understand the Cost of Home Ownership.
Some of these costs are obvious like Real Estate Taxes, Insurance, Utilities, a Mortgage while others are not so obvious. These other costs are considered Hidden Costs. When Buying a Home plan for the unexpected and put money aside for contingencies you might not be aware of like a new roof, new hot water heater or air conditioner just to name a few.
The bottom line is home ownership is a responsibility and this responsibility can cost you dearly if you are not prepared. That's why the saying "Caveat Emptor" or " Buyer Beware" is so important.
We all make mistakes in life but buying a home should not be one of them.